What is United Dominion Realty Trust's operating income?

United Dominion Realty Trust's total operating income in 2025 was $553.61 million, based on the following breakdown: Total Gross Profit: $1.09 billion Total Operating Expenses: $533.91 million

United Dominion Realty Trust (UDR) Financials

$38.15 -0.15 (-0.39%)

Closing price 07/31/2026 03:59 PM Eastern

Extended Trading

$38.16 +0.01 (+0.02%)

As of 07/31/2026 08:00 PM Eastern

Compare

Annual Income Statements for United Dominion Realty Trust

This table shows United Dominion Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	337	289	118	199	181	60	146	83	440	85	373
Consolidated Net Income / (Loss)	357	320	133	222	200	69	161	93	474	96	404
Net Income / (Loss) Continuing Operations	357	320	133	222	200	69	161	93	474	96	404
Total Pre-Tax Income	102	332	132	222	203	72	162	93	477	97	405
Total Operating Income	160	401	228	355	221	249	268	251	635	285	554
Total Gross Profit	603	651	674	703	776	800	813	979	1,049	1,063	1,088
Total Revenue	895	960	996	1,047	1,152	1,241	1,291	1,517	1,628	1,672	1,712
Operating Revenue	895	960	996	1,047	1,152	1,241	1,291	1,517	1,628	1,672	1,712
Total Cost of Revenue	292	309	322	344	376	441	478	539	579	609	625
Operating Cost of Revenue	292	309	322	344	376	441	478	539	579	609	625
Total Operating Expenses	443	250	446	349	555	551	545	728	414	778	534
Selling, General & Admin Expense	60	50	49	47	52	50	58	64	70	84	85
Depreciation Expense	381	426	436	436	508	619	620	680	692	695	680
Other Operating Expenses / (Income)	2.34	0.73	4.34	2.12	0.47	2.13	-132	9.73	3.14	15	12
Other Special Charges / (Income)	-	-226	-43	-136	-5.28	-119	-	-25	-351	-17	-243
Total Other Income / (Expense), net	-58	-69	-95	-132	-18	-178	-106	-158	-158	-188	-149
Interest Expense	122	123	129	134	171	203	186	156	181	196	197
Interest & Investment Income	62	52	31	-5.06	138	19	66	4.95	4.69	20	28
Other Income / (Expense), net	1.55	1.93	1.97	6.74	15	6.27	15	-6.93	18	-12	19
Income Tax Expense	-3.89	12	-0.24	0.69	3.84	2.55	1.44	0.35	2.11	0.88	0.84
Preferred Stock Dividends Declared	3.72	3.72	3.71	3.87	4.10	4.23	4.23	4.41	4.85	4.84	4.84
Net Income / (Loss) Attributable to Noncontrolling Interest	17	28	11	18	15	4.70	11	5.66	30	6.29	26
Basic Earnings per Share	$1.30	$1.09	$0.44	$0.74	$0.63	$0.20	$0.49	$0.26	$1.34	$0.26	$1.13
Weighted Average Basic Shares Outstanding	258.67M	265.39M	267.02M	268.18M	285.25M	294.55M	300.33M	321.67M	328.77M	329.29M	330.32M
Diluted Earnings per Share	$1.29	$1.08	$0.44	$0.74	$0.63	$0.20	$0.48	$0.26	$1.34	$0.26	$1.13
Weighted Average Diluted Shares Outstanding	263.75M	267.31M	268.83M	269.48M	286.02M	294.93M	301.70M	322.70M	329.10M	330.12M	331.05M
Weighted Average Basic & Diluted Shares Outstanding	262.13M	267.37M	268.16M	275.61M	294.63M	296.82M	318.26M	329.17M	329.22M	331.13M	328.57M
Cash Dividends to Common per Share	$1.09	$1.16	$1.23	$1.28	$1.35	$1.42	$1.45	$1.50	$1.64	$1.70	$1.72

This table shows United Dominion Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	32	42	28	21	-6.24	76	36	39	222	189	68
Consolidated Net Income / (Loss)	36	46	31	24	-5.52	82	40	43	238	203	74
Net Income / (Loss) Continuing Operations	36	46	31	24	-5.52	82	40	43	238	203	74
Total Pre-Tax Income	36	47	31	24	-5.21	82	40	44	238	203	74
Total Operating Income	94	80	69	70	66	122	77	76	278	230	116
Total Gross Profit	265	261	265	267	270	266	271	274	277	262	266
Total Revenue	413	414	415	420	423	422	425	432	433	426	425
Operating Revenue	413	414	415	420	423	422	425	432	433	426	425
Total Cost of Revenue	149	152	150	154	153	156	154	158	156	164	160
Operating Cost of Revenue	149	152	150	154	153	156	154	158	156	164	160
Total Operating Expenses	170	181	196	197	204	143	194	197	-0.72	32	150
Selling, General & Admin Expense	21	18	20	21	25	19	20	23	23	19	19
Depreciation Expense	175	174	175	174	172	168	171	173	168	165	164
Other Operating Expenses / (Income)	-0.22	6.28	1.00	1.47	23	3.30	3.38	1.76	3.25	5.73	3.07
Other Special Charges / (Income)	-	-17	0.00	0.00	-	-48	0.00	0.00	-195	-157	-36
Total Other Income / (Expense), net	-58	-33	-37	-46	-71	-40	-37	-33	-39	-26	-42
Interest Expense	47	48	48	50	50	48	49	51	50	49	48
Interest & Investment Income	-20	9.09	4.05	-1.88	8.98	5.81	3.63	14	4.93	20	3.27
Other Income / (Expense), net	9.37	5.87	6.50	6.16	-31	1.92	8.13	3.71	5.41	2.43	2.60
Income Tax Expense	0.09	0.34	0.39	-0.16	0.31	0.16	0.26	0.38	0.04	0.46	0.43
Preferred Stock Dividends Declared	1.22	1.23	1.21	1.20	1.20	1.21	1.21	1.21	1.21	1.22	1.23
Net Income / (Loss) Attributable to Noncontrolling Interest	2.98	3.16	2.13	1.48	-0.48	5.35	2.56	2.72	15	13	4.62
Basic Earnings per Share	$0.10	$0.13	$0.08	$0.06	($0.01)	$0.23	$0.11	$0.12	$0.67	$0.58	$0.21
Weighted Average Basic Shares Outstanding	328.77M	328.82M	329.06M	329.42M	329.29M	330.63M	330.78M	330.67M	330.32M	327.30M	322.96M
Diluted Earnings per Share	$0.10	$0.13	$0.08	$0.06	($0.01)	$0.23	$0.11	$0.12	$0.67	$0.57	$0.21
Weighted Average Diluted Shares Outstanding	329.10M	328.95M	329.57M	330.56M	330.12M	331.72M	331.72M	331.24M	331.05M	330.29M	323.29M
Weighted Average Basic & Diluted Shares Outstanding	329.22M	329.31M	329.82M	329.96M	331.13M	331.30M	331.35M	330.49M	328.57M	324.92M	321.26M

This table details how cash moves in and out of United Dominion Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-8.48	-5.43	-0.28	187	-176	-9.12	4.25	1.78	4.67	0.56	1.51
Net Cash From Operating Activities	459	537	519	561	631	604	664	820	833	877	903
Net Cash From Continuing Operating Activities	459	537	519	561	631	606	664	820	833	877	903
Net Income / (Loss) Continuing Operations	357	320	133	222	200	69	161	93	474	96	404
Consolidated Net Income / (Loss)	357	320	133	222	200	69	161	93	474	96	404
Depreciation Expense	381	426	436	436	508	619	620	680	692	695	680
Non-Cash Adjustments To Reconcile Net Income	-269	-207	-57	-109	-84	-46	-114	19	-306	94	-191
Changes in Operating Assets and Liabilities, net	-11	-1.99	7.18	13	7.25	-35	-2.83	28	-27	-8.80	10
Net Cash From Investing Activities	-265	-113	-407	-114	-1,687	-461	-1,272	-930	-289	-276	-151
Net Cash From Continuing Investing Activities	-265	-113	-407	-114	-1,687	-461	-1,272	-930	-289	-276	-151
Purchase of Property, Plant & Equipment	-362	-259	-223	-117	-1,555	-582	-1,411	-577	-330	-272	-436
Acquisitions	-	0.00	0.00	-1.00	-12	-1.53	0.00	0.00	-1.00	1.00	0.00
Purchase of Investments	-220	-43	-124	-135	-204	-83	-0.63	-277	-157	-83	-195
Sale of Property, Plant & Equipment	388	302	71	247	38	278	280	41	326	99	374
Sale and/or Maturity of Investments	32	66	116	43	72	49	37	81	14	41	150
Other Investing Activities, net	-103	-178	-249	-150	-25	-121	-178	-198	-141	-63	-44
Net Cash From Financing Activities	-202	-429	-112	-260	880	-153	613	111	-539	-600	-750
Net Cash From Continuing Financing Activities	-202	-429	-112	-260	880	-153	613	111	-539	-600	-750
Repayment of Debt	-541	-610	-647	-342	-887	-790	-356	-27	-42	-173	-175
Repurchase of Common Equity	-	0.00	0.00	-20	0.00	-20	0.00	-49	-25	0.00	-118
Payment of Dividends	-298	-342	-363	-379	-419	-456	-472	-522	-580	-606	-612
Issuance of Debt	427	350	898	181	1,461	1,010	542	80	108	179	155
Cash Interest Paid	130	125	126	132	161	159	137	155	184	192	191
Cash Income Taxes Paid	-1.01	0.69	1.66	0.63	1.52	1.03	4.78	1.15	1.91	1.04	1.37

This table details how cash moves in and out of United Dominion Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	2.41	-2.90	2.42	1.17	-0.13	-2.11	1.79	1.14	0.69	-2.13	1.33
Net Cash From Operating Activities	219	168	238	230	241	156	250	235	261	129	262
Net Cash From Continuing Operating Activities	219	168	238	230	241	156	250	235	261	129	262
Net Income / (Loss) Continuing Operations	36	46	31	24	-5.52	82	40	43	238	203	74
Consolidated Net Income / (Loss)	36	46	31	24	-5.52	82	40	43	238	203	74
Depreciation Expense	175	174	175	174	172	168	171	173	168	165	164
Non-Cash Adjustments To Reconcile Net Income	9.71	-14	8.35	33	67	-42	24	5.35	-179	-157	-28
Changes in Operating Assets and Liabilities, net	-1.64	-39	24	-1.44	7.49	-53	16	14	34	-82	53
Net Cash From Investing Activities	-73	18	-98	-148	-49	18	-59	-113	3.08	284	-58
Net Cash From Continuing Investing Activities	-73	18	-98	-148	-49	18	-59	-113	3.08	284	-59
Purchase of Property, Plant & Equipment	-78	-57	-74	-74	-67	-62	-80	-71	-223	-45	-66
Purchase of Investments	-57	-1.38	-8.08	-68	-5.31	-115	-15	-60	-1.30	0.00	-107
Sale of Property, Plant & Equipment	78	99	-	-	-	-	-	-	170	219	135
Sale and/or Maturity of Investments	5.08	4.29	4.45	4.90	27	207	42	26	78	139	3.45
Other Investing Activities, net	-21	-26	-21	-12	-4.30	-13	-6.43	-7.97	-20	-29	-24
Net Cash From Financing Activities	-144	-189	-138	-81	-192	-176	-190	-121	-264	-415	-203
Net Cash From Continuing Financing Activities	-144	-189	-138	-81	-192	-176	-190	-121	-264	-415	-203
Repayment of Debt	-23	-21	-27	-86	-39	-9.79	-6.14	-62	-123	113	-160
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-93	-100	-200
Payment of Dividends	-149	-150	-152	-152	-153	-152	-154	-154	-153	-152	-153
Issuance of Debt	28	-18	40	157	-0.10	-15	-30	120	105	-275	310
Cash Interest Paid	28	69	28	69	26	72	25	69	25	71	22
Cash Income Taxes Paid	-0.00	-0.05	0.95	0.17	-0.02	0.00	1.27	0.09	0.01	0.06	1.19

This table presents United Dominion Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,664	7,680	7,733	7,712	9,636	9,638	10,775	11,038	11,373	10,898	10,606
Total Current Assets	28	22	22	209	33	24	28	30	35	35	37
Cash & Equivalents	6.74	2.11	2.04	185	8.11	1.41	0.97	1.19	2.92	1.33	1.22
Restricted Cash	21	20	20	24	25	23	27	29	32	34	36
Plant, Property, & Equipment, net	6,543	6,692	6,847	6,542	8,471	8,466	9,604	9,808	9,756	9,312	9,113
Plant, Property & Equipment, gross	9,189	9,615	10,173	10,196	12,602	13,057	14,740	15,570	15,999	16,149	16,488
Accumulated Depreciation	2,646	2,923	3,326	3,654	4,131	4,591	5,137	5,762	6,243	6,837	7,375
Total Noncurrent Assets	1,093	965	864	961	1,132	1,147	1,143	1,201	1,582	1,550	1,455
Long-Term Investments	939	827	721	781	588	600	702	754	953	917	886
Noncurrent Note & Lease Receivables	17	20	19	42	154	158	27	55	229	248	150
Other Noncurrent Operating Assets	137	119	124	138	391	389	414	392	401	384	419
Total Liabilities & Shareholders' Equity	7,664	7,680	7,733	7,712	9,636	9,638	10,775	11,038	11,373	10,898	10,606
Total Liabilities	3,817	3,673	3,950	3,816	5,228	5,523	6,001	6,100	6,421	6,437	6,457
Total Current Liabilities	246	272	278	268	322	351	396	424	436	427	453
Accounts Payable	81	104	103	76	90	111	137	153	141	115	142
Accrued Expenses	48	47	52	59	123	75	79	84	95	99	97
Customer Deposits	36	34	32	35	-	49	55	52	51	62	61
Dividends Payable	80	87	91	98	109	116	125	134	150	152	152
Total Noncurrent Liabilities	3,571	3,401	3,672	3,548	4,906	5,172	5,605	5,677	5,985	6,009	6,004
Long-Term Debt	3,571	3,401	3,672	3,548	4,708	4,977	5,413	5,487	5,799	5,827	5,821
Capital Lease Obligations	-	-	-	-	199	196	192	189	186	182	183
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	946	909	948	973	1,019	856	1,299	840	961	1,017	860
Total Equity & Noncontrolling Interests	2,901	3,097	2,835	2,923	3,389	3,259	3,474	4,098	3,991	3,444	3,289
Total Preferred & Common Equity	2,900	3,093	2,826	2,906	3,359	3,234	3,443	4,098	3,991	3,443	3,288
Preferred Stock	46	46	46	46	46	45	45	45	45	43	43
Total Common Equity	2,853	3,047	2,780	2,859	3,312	3,189	3,398	4,053	3,947	3,400	3,245
Common Stock	4,450	4,638	4,654	4,923	5,785	5,884	6,887	7,497	7,497	7,576	7,484
Accumulated Other Comprehensive Income / (Loss)	-13	-5.61	-2.68	-0.07	-10	-9.14	-4.26	8.34	4.91	3.64	1.66
Other Equity Adjustments	-1,584	-1,586	-1,872	-2,064	-2,462	-2,686	-3,485	-3,452	-3,555	-4,179	-4,240
Noncontrolling Interest	0.86	3.86	9.56	17	31	24	31	0.21	0.21	0.34	0.34

This table presents United Dominion Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	11,420	11,373	11,190	11,118	11,080	10,898	10,745	10,647	10,602	10,334	10,265
Total Current Assets	32	35	32	34	36	35	33	35	36	35	36
Cash & Equivalents	1.62	2.92	2.12	2.77	2.29	1.33	1.25	1.53	1.19	1.30	1.19
Restricted Cash	31	32	30	32	33	34	32	34	35	33	35
Plant, Property, & Equipment, net	9,801	9,756	9,584	9,498	9,413	9,312	9,059	9,154	9,081	8,830	8,877
Plant, Property & Equipment, gross	15,919	15,999	15,991	16,071	16,152	16,149	16,056	16,311	16,401	16,209	16,316
Accumulated Depreciation	6,117	6,243	6,407	6,573	6,740	6,837	6,997	7,157	7,320	7,378	7,439
Total Noncurrent Assets	1,586	1,582	1,574	1,586	1,632	1,550	1,653	1,458	1,485	1,469	1,352
Long-Term Investments	964	953	954	959	966	917	920	880	912	758	729
Noncurrent Note & Lease Receivables	209	229	235	242	280	248	366	143	147	154	172
Other Noncurrent Operating Assets	413	401	385	385	385	384	368	435	426	558	452
Total Liabilities & Shareholders' Equity	11,420	11,373	11,190	11,118	11,080	10,898	10,745	10,647	10,602	10,334	10,265
Total Liabilities	6,362	6,421	6,334	6,373	6,467	6,437	6,357	6,364	6,450	6,228	6,426
Total Current Liabilities	422	436	387	413	418	427	364	408	437	383	431
Accounts Payable	126	141	120	121	119	115	93	108	126	107	129
Accrued Expenses	96	95	65	92	98	99	65	94	96	63	93
Customer Deposits	51	51	50	49	50	62	52	52	61	60	58
Dividends Payable	150	150	152	152	152	152	154	154	154	153	151
Total Noncurrent Liabilities	5,940	5,985	5,947	5,960	6,048	6,009	5,993	5,956	6,014	5,845	5,995
Long-Term Debt	5,753	5,799	5,762	5,776	5,865	5,827	5,811	5,776	5,834	5,663	5,814
Capital Lease Obligations	187	186	185	184	183	182	181	180	179	182	181
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	907	961	937	1,022	1,099	1,017	1,057	958	876	820	900
Total Equity & Noncontrolling Interests	4,151	3,991	3,919	3,723	3,514	3,444	3,331	3,325	3,275	3,286	2,939
Total Preferred & Common Equity	4,151	3,991	3,919	3,722	3,514	3,443	3,331	3,325	3,275	3,286	2,939
Preferred Stock	45	45	45	43	43	43	43	43	43	43	43
Total Common Equity	4,106	3,947	3,874	3,679	3,471	3,400	3,288	3,282	3,232	3,242	2,895
Common Stock	7,491	7,497	7,503	7,512	7,530	7,576	7,578	7,586	7,569	7,387	7,220
Accumulated Other Comprehensive Income / (Loss)	8.36	4.91	9.24	7.91	4.61	3.64	2.47	1.16	1.93	2.41	2.93
Other Equity Adjustments	-3,393	-3,555	-3,638	-3,841	-4,064	-4,179	-4,293	-4,306	-4,339	-4,147	-4,327
Noncontrolling Interest	0.21	0.21	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34

This table displays calculated financial ratios and metrics derived from United Dominion Realty Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.36%	7.29%	3.74%	5.13%	10.06%	7.72%	4.00%	17.56%	7.26%	2.72%	2.42%
EBITDA Growth	7.93%	52.72%	-19.56%	19.63%	-6.62%	17.41%	106.61%	2.28%	-27.20%	-28.03%	29.46%
EBIT Growth	16.25%	149.94%	-42.93%	57.24%	-34.58%	8.00%	121.67%	-27.68%	33.83%	-58.30%	110.40%
NOPAT Growth	-90.66%	133.47%	-40.98%	54.89%	-38.67%	10.77%	10.55%	-5.92%	153.01%	-55.40%	95.92%
Net Income Growth	123.45%	-10.30%	-58.59%	67.01%	-9.91%	-65.44%	133.42%	-84.99%	412.52%	-79.79%	321.08%
EPS Growth	118.64%	-16.28%	-59.26%	68.18%	-14.86%	-68.25%	140.00%	-45.83%	415.38%	-80.60%	334.62%
Operating Cash Flow Growth	15.44%	16.99%	-3.29%	8.05%	12.49%	-4.18%	9.87%	47.02%	1.54%	5.31%	2.97%
Free Cash Flow Firm Growth	-124.27%	158.22%	-74.32%	765.18%	-435.40%	112.97%	-4,082.27%	98.73%	7,971.80%	-93.20%	17.98%
Invested Capital Growth	10.76%	1.74%	2.38%	-3.71%	34.36%	-0.27%	11.33%	-49.02%	-49.33%	-4.26%	-2.97%
Revenue Q/Q Growth	3.24%	0.57%	1.00%	1.43%	3.33%	-0.20%	3.68%	3.51%	0.84%	0.57%	0.61%
EBITDA Q/Q Growth	2.91%	40.25%	-21.03%	4.41%	-5.53%	5.18%	114.04%	93.03%	1.31%	-6.87%	24.17%
EBIT Q/Q Growth	1.29%	148.29%	-44.53%	11.28%	-25.44%	18.59%	131.93%	73.70%	2.25%	-20.03%	76.17%
NOPAT Q/Q Growth	-5.10%	131.85%	-42.42%	10.55%	-26.78%	18.34%	17.86%	-11.87%	0.62%	-9.34%	62.55%
Net Income Q/Q Growth	44.16%	34.73%	-58.12%	6.74%	8.49%	-52.65%	153.93%	-45.94%	-2.37%	-30.20%	152.47%
EPS Q/Q Growth	43.33%	30.12%	-58.49%	5.71%	6.78%	-55.56%	140.00%	-46.94%	-2.90%	-29.73%	151.11%
Operating Cash Flow Q/Q Growth	8.90%	0.12%	-4.39%	4.53%	3.25%	-4.14%	5.24%	4.68%	0.20%	2.51%	2.37%
Free Cash Flow Firm Q/Q Growth	-222.49%	152.56%	-66.25%	93.73%	-191.94%	135.41%	-1,643.33%	50.19%	1,962.75%	9.39%	7.63%
Invested Capital Q/Q Growth	12.05%	2.00%	1.48%	-2.39%	14.25%	1.46%	106.19%	98.69%	-0.52%	-1.45%	0.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.39%	67.80%	67.67%	67.18%	67.32%	64.49%	146.09%	64.50%	64.44%	63.56%	63.51%
EBITDA Margin	60.63%	86.30%	66.91%	76.15%	64.61%	70.42%	139.90%	121.72%	82.62%	57.88%	73.17%
Operating Margin	17.84%	41.76%	22.89%	33.88%	19.19%	20.07%	41.52%	16.53%	39.02%	17.02%	32.33%
EBIT Margin	18.01%	41.96%	23.08%	34.53%	20.52%	20.58%	43.86%	32.14%	40.11%	16.28%	33.45%
Profit (Net Income) Margin	39.92%	33.38%	13.32%	21.16%	17.32%	5.56%	24.95%	12.20%	29.15%	5.73%	23.58%
Tax Burden Percent	351.55%	96.51%	100.18%	99.69%	98.11%	96.44%	198.23%	199.25%	99.56%	99.09%	99.79%
Interest Burden Percent	63.05%	82.42%	57.60%	61.48%	86.03%	28.00%	57.39%	76.21%	73.01%	35.54%	70.63%
Effective Tax Rate	-3.83%	3.49%	-0.18%	0.31%	1.89%	3.56%	0.89%	0.75%	0.44%	0.91%	0.21%
Return on Invested Capital (ROIC)	2.67%	5.87%	3.40%	5.30%	2.83%	2.73%	2.86%	1.69%	4.21%	2.85%	5.80%
ROIC Less NNEP Spread (ROIC-NNEP)	9.55%	3.37%	0.01%	0.64%	2.33%	-1.05%	0.70%	-0.80%	2.14%	-0.74%	2.95%
Return on Net Nonoperating Assets (RNNOA)	7.74%	2.29%	0.01%	0.47%	1.98%	-1.11%	1.52%	-1.24%	3.28%	-0.82%	3.58%
Return on Equity (ROE)	10.40%	8.16%	3.41%	5.77%	4.81%	1.62%	7.24%	2.15%	7.49%	2.04%	9.38%
Cash Return on Invested Capital (CROIC)	-7.54%	4.14%	1.04%	9.08%	-26.49%	3.00%	-113.22%	-0.90%	69.68%	7.20%	8.82%
Operating Return on Assets (OROA)	2.22%	5.25%	2.98%	4.68%	2.73%	2.65%	5.55%	2.24%	5.83%	2.44%	5.33%
Return on Assets (ROA)	4.93%	4.18%	1.72%	2.87%	2.30%	0.72%	3.15%	1.70%	4.23%	0.86%	3.75%
Return on Common Equity (ROCE)	8.40%	6.13%	2.55%	4.24%	3.57%	1.23%	5.37%	0.82%	6.06%	1.59%	7.24%
Return on Equity Simple (ROE_SIMPLE)	12.32%	10.36%	4.69%	7.62%	5.94%	2.13%	4.68%	2.26%	11.89%	2.78%	0.00%
Net Operating Profit after Tax (NOPAT)	166	387	228	354	217	240	266	250	632	282	552
NOPAT Margin	18.52%	40.30%	22.93%	33.78%	18.82%	19.36%	20.58%	16.47%	38.85%	16.87%	32.26%
Net Nonoperating Expense Percent (NNEP)	-6.88%	2.50%	3.38%	4.65%	0.49%	3.78%	4.46%	2.09%	2.08%	3.59%	2.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	2.56%	6.34%	2.98%	5.94%
Cost of Revenue to Revenue	32.61%	32.20%	32.33%	32.82%	32.68%	35.51%	74.02%	70.99%	35.56%	36.44%	36.49%
SG&A Expenses to Revenue	6.67%	5.18%	4.88%	4.49%	4.47%	4.02%	4.46%	4.23%	4.30%	5.04%	4.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	49.55%	26.04%	44.78%	33.30%	48.14%	44.42%	104.57%	47.97%	25.42%	46.54%	31.18%
Earnings before Interest and Taxes (EBIT)	161	403	230	361	236	255	566	488	653	272	573
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	542	828	666	797	744	874	1,806	1,847	1,345	968	1,253
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.52	2.41	2.89	3.00	3.43	3.09	9.87	2.83	3.03	4.17	3.69
Price to Tangible Book Value (P/TBV)	2.52	2.41	2.89	3.00	3.43	3.09	9.87	2.83	3.03	4.17	3.69
Price to Revenue (P/Rev)	8.04	7.66	8.07	8.19	9.87	7.95	12.93	7.56	7.34	8.48	7.00
Price to Earnings (P/E)	21.37	25.45	68.22	43.04	62.89	164.36	229.94	138.97	27.18	167.27	32.13
Dividend Yield	3.98%	4.22%	4.08%	4.00%	3.48%	5.32%	2.68%	4.27%	4.52%	3.95%	4.73%
Earnings Yield	4.68%	3.93%	1.47%	2.32%	1.59%	0.61%	1.75%	0.72%	3.68%	0.60%	3.11%
Enterprise Value to Invested Capital (EV/IC)	1.65	1.64	1.76	1.86	1.90	1.75	2.35	1.73	1.78	2.10	1.91
Enterprise Value to Revenue (EV/Rev)	12.06	11.32	12.02	11.62	14.54	12.36	35.66	11.36	11.03	12.14	10.49
Enterprise Value to EBITDA (EV/EBITDA)	19.89	13.12	17.97	15.27	22.51	17.55	50.97	18.67	13.35	20.97	14.34
Enterprise Value to EBIT (EV/EBIT)	66.97	26.98	52.09	33.67	70.85	60.07	162.59	143.52	27.50	74.54	31.36
Enterprise Value to NOPAT (EV/NOPAT)	65.13	28.09	52.44	34.41	77.25	63.86	86.38	69.01	28.39	71.97	32.52
Enterprise Value to Operating Cash Flow (EV/OCF)	23.53	20.25	23.07	21.70	26.56	25.38	69.32	21.03	21.56	23.14	19.90
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	39.82	170.83	20.07	0.00	58.17	0.00	0.00	1.72	28.51	21.39
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.93	0.85	0.97	0.91	1.11	1.26	1.17	2.30	1.21	1.35	1.45
Long-Term Debt to Equity	0.93	0.85	0.97	0.91	1.11	1.26	2.35	1.15	1.21	1.35	1.45
Financial Leverage	0.81	0.68	0.73	0.74	0.85	1.06	1.09	1.55	1.54	1.10	1.21
Leverage Ratio	2.11	1.95	1.98	2.01	2.09	2.26	4.59	2.25	2.27	2.37	2.50
Compound Leverage Factor	1.33	1.61	1.14	1.24	1.80	0.63	2.64	0.86	1.65	0.84	1.76
Debt to Total Capital	48.14%	45.92%	49.25%	47.66%	52.67%	55.69%	108.01%	106.96%	54.72%	57.39%	59.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.14%	45.92%	49.25%	47.66%	52.67%	55.69%	108.01%	106.96%	54.72%	57.39%	59.14%
Preferred Equity to Total Capital	0.63%	0.63%	0.62%	0.62%	0.50%	0.48%	0.87%	0.85%	0.41%	0.41%	0.43%
Noncontrolling Interests to Total Capital	12.77%	12.33%	12.85%	13.30%	11.27%	9.48%	25.89%	15.97%	8.79%	9.72%	8.47%
Common Equity to Total Capital	38.47%	41.13%	37.28%	38.42%	35.56%	34.34%	66.10%	77.07%	36.08%	32.47%	31.96%
Debt to EBITDA	6.58	4.11	5.51	4.45	6.59	5.92	12.42	12.29	4.45	6.21	4.79
Net Debt to EBITDA	4.80	3.08	4.40	3.21	5.76	5.20	10.80	10.59	3.72	5.23	4.06
Long-Term Debt to EBITDA	6.58	4.11	5.51	4.45	6.59	5.92	12.42	6.15	4.45	6.21	4.79
Debt to NOPAT	21.55	8.79	16.08	10.03	22.62	21.53	42.21	45.44	9.47	21.31	10.87
Net Debt to NOPAT	15.72	6.60	12.83	7.23	19.75	18.93	36.71	19.58	7.90	17.93	9.20
Long-Term Debt to NOPAT	21.55	8.79	16.08	10.03	22.62	21.53	42.21	45.44	9.47	21.31	10.87
Altman Z-Score	1.28	1.46	1.41	1.63	1.47	1.25	1.83	1.30	1.41	1.51	1.41
Noncontrolling Interest Sharing Ratio	19.28%	24.87%	25.21%	26.57%	25.67%	23.71%	51.78%	23.27%	19.12%	21.96%	22.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.11	0.08	0.08	0.78	0.10	0.07	0.23	0.22	0.08	0.08	0.08
Quick Ratio	0.03	0.01	0.01	0.69	0.03	0.00	0.00	0.00	0.01	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-469	273	70	606	-2,034	264	-10,502	-133	10,462	712	840
Operating Cash Flow to CapEx	0.00%	0.00%	342.14%	0.00%	41.57%	198.75%	117.42%	152.90%	18,804.52%	506.74%	1,443.07%
Free Cash Flow to Firm to Interest Expense	-3.85	2.22	0.54	4.52	-11.90	1.30	-56.38	-0.85	57.84	3.64	4.27
Operating Cash Flow to Interest Expense	3.76	4.36	4.03	4.18	3.69	2.98	7.13	10.52	4.60	4.48	4.59
Operating Cash Flow Less CapEx to Interest Expense	3.97	4.71	2.85	5.15	-5.19	1.48	-2.51	3.64	4.58	3.60	4.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.13	0.13	0.14	0.13	0.13	0.13	0.28	0.15	0.15	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.15	0.15	0.16	0.15	0.15	0.14	0.16	0.17	0.18	0.19
Accounts Payable Turnover	3.38	3.34	3.11	3.83	4.53	4.38	7.71	3.71	3.93	4.75	4.86
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	107.99	109.34	117.23	95.25	80.65	83.25	302.21	196.64	92.87	76.82	75.13
Cash Conversion Cycle (CCC)	-107.99	-109.34	-117.23	-95.25	-80.65	-83.25	-94.72	-98.32	-92.87	-76.82	-75.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,532	6,646	6,804	6,551	8,802	8,778	19,546	19,929	10,099	9,669	9,382
Invested Capital Turnover	0.14	0.15	0.15	0.16	0.15	0.14	0.28	0.21	0.11	0.17	0.18
Increase / (Decrease) in Invested Capital	634	114	158	-253	2,251	-23	10,767	1,037	-9,830	-430	-287
Enterprise Value (EV)	10,791	10,867	11,973	12,169	16,754	15,340	22,942	17,243	17,949	20,293	17,965
Market Capitalization	7,193	7,355	8,040	8,575	11,374	9,867	16,692	11,466	11,947	14,176	11,981
Book Value per Share	$10.89	$11.40	$10.38	$10.65	$11.30	$10.83	$21.98	$12.45	$12.00	$10.30	$9.82
Tangible Book Value per Share	$10.89	$11.40	$10.38	$10.65	$11.30	$10.83	$21.98	$25.05	$12.00	$10.30	$9.82
Total Capital	7,418	7,408	7,455	7,443	9,314	9,287	10,379	10,615	10,937	10,470	10,153
Total Debt	3,571	3,401	3,672	3,548	4,906	5,172	11,211	11,353	5,985	6,009	6,004
Total Long-Term Debt	3,571	3,401	3,672	3,548	4,906	5,172	11,211	5,677	5,985	6,009	6,004
Net Debt	2,604	2,552	2,929	2,558	4,285	4,548	9,749	9,784	4,997	5,056	5,081
Capital Expenditures (CapEx)	-25	-43	152	-130	1,517	304	2,262	1,073	4.43	173	63
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-246	-272	-278	-268	-322	-351	-579	-424	-436	-427	-453
Debt-free Net Working Capital (DFNWC)	-218	-250	-256	-60	-289	-326	-522	-563	-401	-392	-416
Net Working Capital (NWC)	-218	-250	-256	-60	-289	-326	-522	-394	-401	-392	-416
Net Nonoperating Expense (NNE)	-191	66	96	132	17	171	209	157	158	186	149
Net Nonoperating Obligations (NNO)	2,685	2,639	3,020	2,656	4,394	4,664	9,998	10,052	5,146	5,208	5,233
Total Depreciation and Amortization (D&A)	381	426	436	436	508	619	1,240	1,359	692	695	680
Debt-free, Cash-free Net Working Capital to Revenue	-27.50%	-28.30%	-27.93%	-25.64%	-27.98%	-28.24%	-30.69%	-41.10%	-26.81%	-25.57%	-26.43%
Debt-free Net Working Capital to Revenue	-24.42%	-26.00%	-25.74%	-5.69%	-25.09%	-26.29%	-40.46%	-37.12%	-24.66%	-23.45%	-24.27%
Net Working Capital to Revenue	-24.42%	-26.00%	-25.74%	-5.69%	-25.09%	-26.29%	-40.46%	-25.94%	-24.66%	-23.45%	-24.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.30	$1.09	$0.44	$0.74	$0.63	$0.20	$0.49	$0.26	$1.34	$0.26	$1.13
Adjusted Weighted Average Basic Shares Outstanding	258.67M	265.39M	267.02M	268.18M	285.25M	294.55M	300.33M	321.67M	328.77M	329.29M	330.32M
Adjusted Diluted Earnings per Share	$1.29	$1.08	$0.44	$0.74	$0.63	$0.20	$0.48	$0.26	$1.34	$0.26	$1.13
Adjusted Weighted Average Diluted Shares Outstanding	263.75M	267.31M	268.83M	269.48M	286.02M	294.93M	301.70M	322.70M	329.10M	330.12M	331.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	262.13M	267.37M	268.16M	275.61M	294.63M	296.82M	318.26M	329.17M	329.22M	331.13M	328.57M
Normalized Net Operating Profit after Tax (NOPAT)	112	169	129	218	212	125	531	224	283	265	310
Normalized NOPAT Margin	12.49%	17.56%	12.97%	20.81%	18.37%	10.09%	41.15%	31.26%	17.36%	15.87%	18.11%
Pre Tax Income Margin	11.36%	34.58%	13.30%	21.23%	17.65%	5.76%	25.17%	6.12%	29.28%	5.79%	23.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.32	3.27	1.79	2.69	1.38	1.26	3.04	1.56	3.61	1.39	2.91
NOPAT to Interest Expense	1.36	3.14	1.77	2.64	1.27	1.19	2.85	3.21	3.50	1.44	2.81
EBIT Less CapEx to Interest Expense	1.53	3.62	0.61	3.66	-7.49	-0.24	-4.55	-3.75	3.58	0.51	2.59
NOPAT Less CapEx to Interest Expense	1.57	3.49	0.60	3.60	-7.61	-0.31	-9.29	-3.68	3.47	0.56	2.49
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	83.31%	106.85%	273.33%	170.86%	209.80%	660.58%	585.95%	1,128.25%	122.28%	632.20%	151.69%
Augmented Payout Ratio	83.31%	106.85%	273.33%	179.89%	209.80%	689.29%	585.95%	1,234.16%	127.55%	632.20%	180.87%

This table displays calculated financial ratios and metrics derived from United Dominion Realty Trust's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	328,571,965.00	324,915,653.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	328,571,965.00	324,915,653.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.57	0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.41%	3.53%	2.66%	2.45%	2.29%	2.01%	2.43%	2.79%	2.46%	0.92%	0.00%
EBITDA Growth	-46.69%	-45.91%	-78.40%	-49.17%	-25.62%	12.62%	2.30%	1.07%	117.67%	35.64%	10.12%
EBIT Growth	16.07%	-36.29%	-90.77%	-49.33%	-65.81%	44.95%	13.78%	5.33%	698.96%	87.11%	38.50%
NOPAT Growth	3.79%	-39.75%	-82.83%	-8.85%	-50.64%	54.02%	13.38%	7.64%	498.30%	88.00%	49.80%
Net Income Growth	-24.24%	40.65%	-91.62%	-32.02%	-115.36%	77.22%	29.72%	79.13%	4,414.41%	147.23%	83.09%
EPS Growth	-28.57%	44.44%	-92.38%	-40.00%	-110.00%	76.92%	37.50%	100.00%	6,800.00%	147.83%	90.91%
Operating Cash Flow Growth	0.75%	-0.25%	-1.45%	13.09%	9.80%	-6.79%	4.98%	2.03%	8.68%	-17.59%	4.73%
Free Cash Flow Firm Growth	59.81%	2,129.40%	-97.39%	566.07%	1,275.30%	-94.92%	1,430.78%	25.88%	18.63%	-1.80%	-19.24%
Invested Capital Growth	1.35%	-49.93%	0.38%	-3.35%	-4.26%	-3.88%	-3.90%	-4.49%	-2.97%	-2.82%	-2.72%
Revenue Q/Q Growth	0.77%	0.09%	0.41%	1.17%	0.61%	-0.18%	0.82%	1.52%	0.29%	-1.68%	-0.11%
EBITDA Q/Q Growth	-43.42%	-6.77%	-3.64%	0.00%	-17.20%	41.17%	-12.47%	-1.21%	78.31%	-12.03%	-28.93%
EBIT Q/Q Growth	-30.92%	-17.37%	-12.22%	1.13%	-53.39%	250.31%	-31.09%	-6.38%	253.53%	-17.96%	-49.00%
NOPAT Q/Q Growth	21.86%	-15.77%	-14.35%	3.67%	-34.01%	162.84%	-36.95%	-1.57%	266.81%	-17.41%	-49.76%
Net Income Q/Q Growth	1.53%	28.78%	-33.03%	-22.36%	-122.94%	1,585.99%	-50.98%	7.21%	452.48%	-14.85%	-63.70%
EPS Q/Q Growth	0.00%	30.00%	-38.46%	-25.00%	-116.67%	2,400.00%	-52.17%	9.09%	458.33%	-14.93%	-63.16%
Operating Cash Flow Q/Q Growth	7.60%	-23.50%	42.28%	-3.44%	4.47%	-35.06%	60.25%	-6.15%	11.27%	-50.75%	103.64%
Free Cash Flow Firm Q/Q Growth	53.94%	24,832.63%	-99.70%	1,258.85%	16.16%	6.89%	-9.26%	11.74%	9.47%	-11.52%	-25.38%
Invested Capital Q/Q Growth	-0.52%	-1.28%	-1.07%	-0.52%	-1.45%	-0.90%	-1.09%	-1.13%	0.11%	-0.75%	-0.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.02%	63.14%	63.80%	63.43%	63.87%	62.92%	63.77%	63.39%	63.94%	61.54%	62.41%
EBITDA Margin	67.43%	62.81%	60.27%	59.58%	49.03%	69.34%	60.20%	58.58%	104.16%	93.19%	66.30%
Operating Margin	22.81%	19.28%	16.53%	16.63%	15.68%	28.96%	18.19%	17.68%	64.11%	53.96%	27.23%
EBIT Margin	25.07%	20.70%	18.10%	18.09%	8.38%	29.42%	20.10%	18.54%	65.36%	54.54%	27.85%
Profit (Net Income) Margin	8.70%	11.20%	7.47%	5.73%	-1.31%	19.45%	9.46%	9.99%	55.02%	47.65%	17.31%
Tax Burden Percent	99.74%	99.28%	98.77%	100.65%	105.99%	99.81%	99.36%	99.12%	99.98%	99.78%	99.42%
Interest Burden Percent	34.79%	54.48%	41.77%	31.47%	-14.71%	66.25%	47.34%	54.34%	84.19%	87.56%	62.54%
Effective Tax Rate	0.26%	0.72%	1.23%	-0.65%	0.00%	0.19%	0.64%	0.88%	0.02%	0.22%	0.58%
Return on Invested Capital (ROIC)	3.69%	2.10%	2.74%	2.79%	1.86%	4.97%	3.16%	3.11%	11.52%	9.78%	4.97%
ROIC Less NNEP Spread (ROIC-NNEP)	2.55%	1.68%	2.24%	2.19%	0.85%	4.19%	2.45%	2.48%	10.77%	9.27%	4.19%
Return on Net Nonoperating Assets (RNNOA)	2.62%	2.66%	3.35%	3.48%	0.94%	4.67%	2.80%	2.95%	13.06%	11.35%	5.45%
Return on Equity (ROE)	6.31%	4.77%	6.09%	6.26%	2.80%	9.64%	5.96%	6.06%	24.58%	21.14%	10.42%
Cash Return on Invested Capital (CROIC)	104.29%	70.87%	102.66%	6.52%	7.20%	7.29%	7.44%	8.14%	8.82%	9.85%	10.22%
Operating Return on Assets (OROA)	3.64%	3.07%	2.69%	2.67%	1.26%	4.51%	3.12%	2.91%	10.41%	8.88%	4.57%
Return on Assets (ROA)	1.26%	1.66%	1.11%	0.85%	-0.20%	2.98%	1.47%	1.57%	8.76%	7.76%	2.84%
Return on Common Equity (ROCE)	5.11%	3.82%	4.82%	4.91%	2.18%	7.47%	4.59%	4.64%	18.97%	16.25%	7.92%
Return on Equity Simple (ROE_SIMPLE)	0.00%	12.45%	3.99%	3.91%	0.00%	3.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	94	79	68	70	46	122	77	76	278	229	115
NOPAT Margin	22.75%	19.14%	16.33%	16.73%	10.98%	28.90%	18.08%	17.53%	64.10%	53.84%	27.08%
Net Nonoperating Expense Percent (NNEP)	1.14%	0.43%	0.50%	0.60%	1.00%	0.77%	0.71%	0.63%	0.75%	0.51%	0.79%
Return On Investment Capital (ROIC_SIMPLE)	0.94%	-	-	-	0.49%	1.31%	0.83%	0.81%	2.99%	2.51%	1.29%
Cost of Revenue to Revenue	35.98%	36.86%	36.20%	36.57%	36.13%	37.08%	36.23%	36.61%	36.06%	38.46%	37.59%
SG&A Expenses to Revenue	5.04%	4.31%	4.85%	4.97%	6.02%	4.62%	4.68%	5.26%	5.30%	4.55%	4.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.22%	43.85%	47.27%	46.81%	48.19%	33.96%	45.58%	45.71%	-0.17%	7.58%	35.18%
Earnings before Interest and Taxes (EBIT)	104	86	75	76	35	124	86	80	283	232	118
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	279	260	250	250	207	293	256	253	451	397	282
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.03	3.11	3.64	4.27	4.17	4.50	4.08	3.77	3.69	3.38	4.46
Price to Tangible Book Value (P/TBV)	3.03	3.11	3.64	4.27	4.17	4.50	4.08	3.77	3.69	3.38	4.46
Price to Revenue (P/Rev)	7.34	7.33	8.12	8.91	8.48	8.81	7.92	7.17	7.00	6.39	7.53
Price to Earnings (P/E)	27.18	26.66	100.83	120.65	167.27	125.06	105.27	84.17	32.13	22.56	24.98
Dividend Yield	4.52%	4.59%	4.14%	3.76%	3.95%	3.80%	4.22%	4.64%	4.73%	5.16%	4.34%
Earnings Yield	3.68%	3.75%	0.99%	0.83%	0.60%	0.80%	0.95%	1.19%	3.11%	4.43%	4.00%
Enterprise Value to Invested Capital (EV/IC)	1.78	1.80	1.97	2.14	2.10	2.19	2.05	1.94	1.91	1.81	2.07
Enterprise Value to Revenue (EV/Rev)	11.03	10.95	11.77	12.63	12.14	12.46	11.49	10.68	10.49	9.83	11.13
Enterprise Value to EBITDA (EV/EBITDA)	13.35	13.18	18.78	20.21	20.97	20.93	19.31	18.02	14.34	12.44	13.81
Enterprise Value to EBIT (EV/EBIT)	27.50	26.79	57.28	61.69	74.54	67.39	60.50	55.93	31.36	24.79	26.75
Enterprise Value to NOPAT (EV/NOPAT)	28.39	27.85	61.12	67.51	71.97	64.38	58.10	53.51	32.52	25.58	27.36
Enterprise Value to Operating Cash Flow (EV/OCF)	21.56	21.61	23.46	24.55	23.14	24.20	22.14	20.62	19.90	19.28	21.52
Enterprise Value to Free Cash Flow (EV/FCFF)	1.72	1.70	1.92	32.27	28.51	29.40	27.01	23.31	21.39	18.14	19.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.21	1.22	1.26	1.31	1.35	1.37	1.39	1.45	1.45	1.42	1.56
Long-Term Debt to Equity	1.21	1.22	1.26	1.31	1.35	1.37	1.39	1.45	1.45	1.42	1.56
Financial Leverage	1.03	1.59	1.50	1.59	1.10	1.11	1.14	1.19	1.21	1.22	1.30
Leverage Ratio	2.27	2.29	2.27	2.33	2.37	2.37	2.41	2.47	2.50	2.48	2.57
Compound Leverage Factor	0.79	1.25	0.95	0.73	-0.35	1.57	1.14	1.34	2.10	2.17	1.61
Debt to Total Capital	54.72%	55.05%	55.68%	56.73%	57.39%	57.72%	58.17%	59.16%	59.14%	58.74%	60.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.72%	55.05%	55.68%	56.73%	57.39%	57.72%	58.17%	59.16%	59.14%	58.74%	60.96%
Preferred Equity to Total Capital	0.41%	0.41%	0.40%	0.41%	0.41%	0.42%	0.42%	0.42%	0.43%	0.43%	0.44%
Noncontrolling Interests to Total Capital	8.79%	8.68%	9.55%	10.31%	9.72%	10.19%	9.36%	8.62%	8.47%	8.24%	9.16%
Common Equity to Total Capital	36.08%	35.86%	34.37%	32.55%	32.47%	31.67%	32.05%	31.79%	31.96%	32.58%	29.44%
Debt to EBITDA	4.45	4.36	5.76	5.82	6.21	5.99	5.92	5.96	4.79	4.31	4.33
Net Debt to EBITDA	3.72	3.64	4.80	4.86	5.23	5.04	5.01	5.02	4.06	3.72	3.78
Long-Term Debt to EBITDA	4.45	4.36	5.76	5.82	6.21	5.99	5.92	5.96	4.79	4.31	4.33
Debt to NOPAT	9.47	9.21	18.74	19.45	21.31	18.42	17.81	17.69	10.87	8.86	8.59
Net Debt to NOPAT	7.90	7.68	15.62	16.23	17.93	15.49	15.08	14.91	9.20	7.66	7.49
Long-Term Debt to NOPAT	9.47	9.21	18.74	19.45	21.31	18.42	17.81	17.69	10.87	8.86	8.59
Altman Z-Score	1.25	1.27	1.39	1.51	1.44	1.55	1.41	1.27	1.32	1.26	1.37
Noncontrolling Interest Sharing Ratio	19.12%	19.93%	20.87%	21.66%	21.96%	22.53%	22.89%	23.53%	22.82%	23.12%	23.95%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.08	0.08	0.08	0.09	0.08	0.09	0.09	0.08	0.08	0.09	0.08
Quick Ratio	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-41	10,022	30	410	476	509	462	516	565	500	373
Operating Cash Flow to CapEx	235,560.22%	0.00%	323.81%	309.90%	361.17%	0.00%	312.88%	329.60%	493.42%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-0.86	208.52	0.63	8.17	9.60	10.67	9.49	10.21	11.37	10.29	7.83
Operating Cash Flow to Interest Expense	4.63	3.49	4.99	4.59	4.85	3.27	5.14	4.65	5.26	2.65	5.50
Operating Cash Flow Less CapEx to Interest Expense	4.63	4.35	3.45	3.11	3.51	6.25	3.50	3.24	4.20	6.23	6.95
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.15	0.15	0.15	0.15	0.16	0.16	0.16	0.16	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.17	0.17	0.17	0.17	0.18	0.18	0.18	0.18	0.19	0.19	0.19
Accounts Payable Turnover	3.93	5.12	4.89	4.94	4.75	5.76	5.38	5.06	4.86	6.31	5.39
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	92.87	71.32	74.71	73.94	76.82	63.40	67.79	72.12	75.13	57.84	67.78
Cash Conversion Cycle (CCC)	-92.87	-71.32	-74.71	-73.94	-76.82	-63.40	-67.79	-72.12	-75.13	-57.84	-67.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,099	9,969	9,863	9,811	9,669	9,582	9,478	9,371	9,382	9,311	9,220
Invested Capital Turnover	0.16	0.11	0.17	0.17	0.17	0.17	0.17	0.18	0.18	0.18	0.18
Increase / (Decrease) in Invested Capital	135	-9,943	38	-340	-430	-387	-385	-440	-287	-271	-258
Enterprise Value (EV)	17,949	17,983	19,442	20,999	20,293	20,941	19,427	18,185	17,965	16,878	19,098
Market Capitalization	11,947	12,040	13,410	14,810	14,176	14,801	13,384	12,200	11,981	10,962	12,924
Book Value per Share	$12.00	$11.78	$11.17	$10.52	$10.30	$9.93	$9.91	$9.75	$9.82	$9.87	$8.91
Tangible Book Value per Share	$12.00	$11.78	$11.17	$10.52	$10.30	$9.93	$9.91	$9.75	$9.82	$9.87	$8.91
Total Capital	10,937	10,804	10,705	10,661	10,470	10,381	10,239	10,165	10,153	9,951	9,834
Total Debt	5,985	5,947	5,960	6,048	6,009	5,993	5,956	6,014	6,004	5,845	5,995
Total Long-Term Debt	5,985	5,947	5,960	6,048	6,009	5,993	5,956	6,014	6,004	5,845	5,995
Net Debt	4,997	4,961	4,967	5,047	5,056	5,039	5,041	5,066	5,081	5,053	5,230
Capital Expenditures (CapEx)	0.09	-42	74	74	67	-142	80	71	53	-174	-69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-436	-387	-413	-418	-427	-364	-408	-437	-453	-383	-431
Debt-free Net Working Capital (DFNWC)	-401	-355	-379	-383	-392	-331	-373	-401	-416	-348	-395
Net Working Capital (NWC)	-401	-355	-379	-383	-392	-331	-373	-401	-416	-348	-395
Net Nonoperating Expense (NNE)	58	33	37	46	52	40	37	33	39	26	42
Net Nonoperating Obligations (NNO)	5,146	5,113	5,118	5,198	5,208	5,193	5,195	5,220	5,233	5,206	5,381
Total Depreciation and Amortization (D&A)	175	174	175	174	172	168	171	173	168	165	164
Debt-free, Cash-free Net Working Capital to Revenue	-26.81%	-23.55%	-25.00%	-25.16%	-25.57%	-21.66%	-24.14%	-25.67%	-26.43%	-22.30%	-25.13%
Debt-free Net Working Capital to Revenue	-24.66%	-21.60%	-22.92%	-23.02%	-23.45%	-19.68%	-22.06%	-23.54%	-24.27%	-20.27%	-23.02%
Net Working Capital to Revenue	-24.66%	-21.60%	-22.92%	-23.02%	-23.45%	-19.68%	-22.06%	-23.54%	-24.27%	-20.27%	-23.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.13	$0.08	$0.06	($0.01)	$0.23	$0.11	$0.12	$0.67	$0.58	$0.21
Adjusted Weighted Average Basic Shares Outstanding	328.77M	328.82M	329.06M	329.42M	329.29M	330.63M	330.78M	330.67M	330.32M	327.30M	322.96M
Adjusted Diluted Earnings per Share	$0.10	$0.13	$0.08	$0.06	($0.01)	$0.23	$0.11	$0.12	$0.67	$0.57	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	329.10M	328.95M	329.57M	330.56M	330.12M	331.72M	331.72M	331.24M	331.05M	330.29M	323.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	329.22M	329.31M	329.82M	329.96M	331.13M	331.30M	331.35M	330.49M	328.57M	324.92M	321.26M
Normalized Net Operating Profit after Tax (NOPAT)	94	79	68	49	46	74	77	76	83	72	80
Normalized NOPAT Margin	22.75%	19.14%	16.33%	11.64%	10.98%	17.56%	18.08%	17.53%	19.09%	16.96%	18.73%
Pre Tax Income Margin	8.72%	11.28%	7.56%	5.69%	-1.23%	19.49%	9.52%	10.08%	55.03%	47.75%	17.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.19	1.78	1.57	1.51	0.71	2.60	1.76	1.58	5.70	4.78	2.49
NOPAT to Interest Expense	1.99	1.65	1.42	1.40	0.94	2.56	1.58	1.50	5.59	4.72	2.42
EBIT Less CapEx to Interest Expense	2.19	2.65	0.03	0.03	-0.63	5.57	0.11	0.17	4.63	8.36	3.93
NOPAT Less CapEx to Interest Expense	1.98	2.51	-0.12	-0.08	-0.41	5.53	-0.06	0.09	4.52	8.30	3.86
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	122.28%	122.11%	403.01%	438.56%	632.20%	461.84%	433.00%	382.62%	151.69%	116.87%	109.71%
Augmented Payout Ratio	127.55%	122.11%	403.01%	438.56%	632.20%	461.84%	433.00%	398.26%	180.87%	158.40%	184.64%

Financials Breakdown Chart

Key Financial Trends

UDR’s recent financial statements show a REIT that is still generating solid operating cash flow and earnings, but with leverage that remains high and balance-sheet trends that deserve attention. Over the last few years, revenue has been fairly steady, profitability has improved versus the weaker 2024 period, and operating cash flow remains comfortably positive. However, debt is still large relative to equity, and the company continues to pay out a meaningful portion of its cash flow in dividends.

Operating revenue has been stable to slightly higher year over year. Q1 2026 revenue was $425.8 million versus $421.9 million in Q1 2025 and $413.6 million in Q1 2024.
Operating cash flow remains strong. UDR generated $128.7 million of operating cash flow in Q1 2026, following $261.4 million in Q4 2025 and $156.2 million in Q1 2025.
Quarterly profitability improved sharply from the weak 2024 period. Q1 2026 net income attributable to common shareholders was $188.6 million, up from $75.5 million in Q1 2025 and well above the loss seen in Q4 2024.
Gross profit margin remains healthy for the business model. In Q1 2026, gross profit was $262.1 million on $425.8 million of revenue, reflecting a solid spread between revenue and operating costs.
Redeemable noncontrolling interest declined from late 2024 levels. It fell to $819.8 million in Q1 2026 from $1.02 billion at year-end 2024, easing one source of balance-sheet pressure.
Dividend coverage appears manageable, but not generous. Q1 2026 cash dividends to common shareholders were $0.435 per share, while diluted EPS was $0.57.
Real estate assets remain the core of the balance sheet. Net PP&E was $8.83 billion in Q1 2026, with total assets of $10.33 billion.
UDR continues to actively recycle assets. The company reported sizeable sales of property and investments in several quarters, helping support liquidity and investing flexibility.
Debt remains elevated. Long-term debt was $5.66 billion in Q1 2026, compared with common equity of $3.24 billion.
Cash on hand is very small. Cash and equivalents were only $1.3 million in Q1 2026, even though restricted cash was higher.

Bottom line: UDR looks like a stable apartment REIT with consistent operating revenue and strong cash generation, but its balance sheet is still heavily leveraged and cash reserves are thin. For retail investors, the main positives are operating stability and recurring cash flow; the main risks are debt load, refinancing sensitivity, and the need to keep dividends supported by ongoing cash generation.

08/01/26 09:37 AM ETAI Generated. May Contain Errors.

United Dominion Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, United Dominion Realty Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

United Dominion Realty Trust's net income were at $403.72 million at the end of 2025, a 321.1% increase from 2024, and a 13.0% increase since 2015. See United Dominion Realty Trust's forecast for analyst expectations on what's next for the company.

United Dominion Realty Trust's total operating income in 2025 was $553.61 million, based on the following breakdown:

Total Gross Profit: $1.09 billion
Total Operating Expenses: $533.91 million

Over the last 10 years, United Dominion Realty Trust's total revenue changed from $894.64 million in 2015 to $1.71 billion in 2025, a change of 91.4%.

United Dominion Realty Trust's total liabilities were at $6.46 billion at the end of 2025, a 0.3% increase from 2024, and a 69.2% increase since 2015.

In the past 10 years, United Dominion Realty Trust's cash and equivalents has ranged from $967 thousand in 2021 to $185.22 million in 2018, and is currently $1.22 million as of their latest financial filing in 2025.

Over the last 10 years, United Dominion Realty Trust's book value per share changed from 10.89 in 2015 to 9.82 in 2025, a change of -9.8%.

Related Companies

Financial statements for NYSE:UDR last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

United Dominion Realty Trust (UDR) Financials

Financials Breakdown Chart

Key Financial Trends

United Dominion Realty Trust Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

United Dominion Realty Trust (UDR) Financials

Annual Income Statements for United Dominion Realty Trust

Quarterly Income Statements for United Dominion Realty Trust

Annual Cash Flow Statements for United Dominion Realty Trust

Quarterly Cash Flow Statements for United Dominion Realty Trust

Annual Balance Sheets for United Dominion Realty Trust

Quarterly Balance Sheets for United Dominion Realty Trust

Annual Metrics And Ratios for United Dominion Realty Trust

Quarterly Metrics And Ratios for United Dominion Realty Trust

Financials Breakdown Chart

Key Financial Trends

United Dominion Realty Trust Financials - Frequently Asked Questions

When does United Dominion Realty Trust's fiscal year end?

How has United Dominion Realty Trust's net income changed over the last 10 years?

What is United Dominion Realty Trust's operating income?

How has United Dominion Realty Trust's revenue changed over the last 10 years?

How much debt does United Dominion Realty Trust have?

How much cash does United Dominion Realty Trust have?

How has United Dominion Realty Trust's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools